First multifamily deal: How old is too old?

[Drew Shirley]

I am looking for my first multifamily deal in Houston, Texas in the 50-100 unit range. My plan is to add value and then re-sell or re-finance.

I was hoping to find a property that was 20 years old or less, but the vast majority of the properties that I see are at least 30 years old and most of them are more than 40 years old. 

When does a property become so old that all the maintenance headaches cancel out the upside?